Alabama

UAB Highlands bond deal gets OK

The executive committee of the University of Alabama System Board of Trustees approved today a $40 million bond deal by UAB Highlands.

The full board had already signed off on the concept, and the executive committee approved the details, including investment bankers Merrill Lynch and The Frazer Lanier Co. being hired to place the bonds.

The transaction should be completed this week.

The money will be used to repay UAB Hospital money spent to buy and improve the 219-bed Highlands hospital. The UAB Health System purchased the Highlands campus from HealthSouth Corp. in April 2006 for $33 million and has spent money to upgrade the infrastructure.